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Countdown to the Closing Bell

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U.s. 16, Steve Cohen 6, Us 5, China 4, S&p 3, Washington 3, Kathy Smith 2, Adp 2, Sandy 2, Cheryl Casone 2, Liz Claman 2, New York 2, Coty 2, Ho 2, Europe 2, Apple 2, Everybo 1, Ford Liz Claman 1, Sec 1, Pfizer 1,
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  FOX Business    Countdown to the Closing Bell    News/Business. Stock  
   market updates. New.  

    December 7, 2012
    3:00 - 4:00pm EST  

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cheryl: hello, everybody. i am cheryl casone and ford liz claman. the "countdown to the closing bell" begins right now. traders want to square their books heading into the weekend. the dow is the best performer right now. jpmorgan of nearly 2% right now. bank of america gaining another 1.5%. shares of 90% this year. basic materials among the worst. alcoa up by more than 1%. payroll coming in well above expectations. 146,000 jobs added in the month
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of november. sandy did not have that much of an impact on the numbers. unemployment fell to the lowest level in nearly three years to 7.7%. more people stopped looking for work, all together. consumer sentiment, not as strong heading into the holidays. preliminary index actually fell in december. economists had to look for a slight increase. investors continue to get out of apple. the tech giant having its worst week since they of 2010. apple is in they are barking territory. shortly after the iphone5 came out, part of it in the near
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profit. let's get to the floor show. bobby, i want to start with this jobs number today. the labor department says no affect on sandy. there was some data that pointed to the fact that people were leaving the workforce because of sandy. >> the numbers speak for themselves. i do not think the full effects can be known until maybe a couple of weeks. there certainly are people that cannot go to work and have been laid off because businesses are out. there are all sorts of new jobs that have sprung up. i may head down there and start looking for a job myself. cheryl: construction, there was a loss of 20,000.
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most of us expected a little bit of a game and that ector. >> maybe it will take a little bit longer to give up. my brother is still out of his house. they cannot get anyone to do work on it yet. cheryl: let's go over to the cme. i know that metals has been a big focus for a lot of traders today. what are you watching? >> just the price action in gold. it really gives the feedback. people, you know, maybe a risk on trade. it jumps back to the 17th 04 daily highs. that makes me believe i want to belong before the meeting and at the end of the year where we can
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hit that 1750 range. cheryl: very interesting. let's head over to the imax. i want to talk about a move that we are seeing in oil. it looks like some bearish signs for oil, in particular, when it comes to terms of supply. >> i think we get to 85 and then rebounds and get back up to the 88-89 level. the fiscal cliff talks not going anywhere yet. during the next two weeks we will start to see some positive remarks. one thing that is very interesting, heat and oil settled in a very weak position. those two coming off could take the energy complex down much further. right now only 85 to 85.10.
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cheryl: we have plenty of supply out there right now. we are in the middle of winter. >> we have a tremendous amount of supply. we do not have much cold weather coming up near term. once the fiscal cliff starts getting resolved, you will see some buying going on. cheryl: bobby, i want to go back to you about europe. we have not had a lot of problees. seems like the greeks are kind to getting things. >> the last few days, europe markets have been pretty strong. as you said, a sleeping giant. cheryl: i do not want to see anything change. it has been nice. gentlemen, thank you. i appreciate it. great floor show today. uncertainty seems to be the norm in washington these days.
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last year you have the debt ceiling convey. congress had trouble putting together a deal. now the u.s. may be heading for the fiscal cliff. what does that mean for you and your investments? we have the jobs report today for a brief moment. we weren't worried about the fiscal cliff. now, we are back. what do you make of it? >> the jobs report was okay. there are some signs of very modest improvement in jobs. the good news is we have not really lost momentum and i will put that in the victory column. from a very short-term perspective, it is the fiscal cliff that is on everyone's mind. consumer sentiment is starting to decline. that suggested everyone seems to be focused on the fiscal cliff. when you are focused on uncertainty, what do you do, you
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do nothing. those are the major implementations for the economy. cheryl: i can hear the hesitancy in your voice. a lot of our guests are saying the same thing. they are afraid of what washington will do or maybe not do. your outlook is a bit more bullish than some of your colleagues. what are you saying in the second half of 2013 that others are not? >> on a very short-term basis, we have noticed there are a couple of things. the fiscal cliff. we cannot get out of the way of that. if you look at to the second half of 2013 that we can get some resolution, we may not like the total resolution, but if we can, you move past a period of uncertainty. three things have started in 2012 that could accelerate in 2013. housing is key. cheryl: it has done incredibly well this year.
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>> the second aspect is what is going on with the energy field, in terms of technology and energy less dependence for the u.s. the third factor is what is going on in manufacturing. you can talk about the creation of jobs in the u.s. economy. if you can get the u.s. economy past this model through environment, you will see a slight acceleration in the second half. cheryl: your last point is manufacturing. in the report, it was basically flat. we had downward revision for september and october from the report. you are not concerned about that sector at all? >> i am not concerned about that sector. we are looking at a longer-term and the impact it has on the u.s. economy. when you look at what the u.s. does in a manufacturing basis, we manufacture 18.2% of other manufactured goods in the world
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today. that is bigger than japan. that is bigger than china. it is a very significant number. we do it better and less expensively. cheryl: a report saying it would be a good thing for this country if we begin to export natural gas. it would be good for the u.s. economy. some, especially in washington, saying it would be a bad thing. it would be a job killer. >> it is hard to me to figure that out. i think we have to find a balance between exports and the cheap fuel in the united states which will cause that energy less dependence. cheryl: it would be nice to see some job creation. janet, of course, we will have you back in just a little bit. "the closing bell" will be ringing 51 minutes from now. natural gas exports may be
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poised for takeoff. it may have some unintended consequences. find out why dow chemical chief andrew liveris believes the gas surge is a job killer. wait until you hear what he has to say about dividends before year end. his one-on-one with liz claman is coming up. keep it right here. ♪ streamline the process? at fidelity, we it by merging two toolinto one, combining your customized char with leading-edge analysis tools from recognia so you can quickly spot key trends and poible entry and exit points. we like this idea so much that we've applied for a patent. i'm colin beck of fidity investments. our integrated techcal analysis is one more innovative reason seseous investors are choosing fidelity.
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cheryl: drugmaker could use a prescription. the stock is absolutely getting taken to the woodshed. it translate into a $300 million market loss gone just like that. cameron had been expected to team up with a partner. once the drug goes to market, they are concerned. let's go long-term. here is a six month look. there is some volatility on your screen. nicole petallides standing by at the new york stock exchange.
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nicole: i am looking at avon products. you may remember coty which made a bid and then made a sweetened offer and avon rejected it. now it is up 5%. it is a top performer on the s&p 500. alpha is now reporting that coty may step in again. this was back in may when they raised their bid to 24.75. it sounds pretty good when you are trading at $14. we will see what actually transpires. right now, we may be seeing coty stepping in once again. cheryl: nicole petallides, thank you very much. should the u.s. start exporting
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natural gas? with the benefits the overall worth it? liz claman talk to a man at the forefront of this. andrew liveris. liz: let's go all in. the report makes a bold prediction. it will boost the u.s. economy $547 billion in just seven years and create jobs, which, of course, we desperately need. >> one report does not make a plan. it is fundamentally flawed. $90 billion at $3 million actually 20 times value that would be under threat if they went ahead and took the recommendations of this report. it ignores the manufacturing
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sector. if everyone takes a report and puts it in motion, we will see a catastrophic disruption of jobs in this country. liz: not just from the department of energy, particularly on the republican side, they feel like exporting the plentiful u.s. resource will quell all the critics who say we are -- >> we are for free trade. we are for an approach that says let's not destroy the domestic prizing structure. nine out of ten countries in the world that are gas rich look at domestic gas as its first priority. australia exports 90% of its gas point-to-point contracts and is
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destroyed the manufacturing sector. for an energy rich country, it pays the same as those in japan. liz: what would be the effect if this actually happened, if we started exporting if prices started to go up? >> at the end of the day the company will be fine. let the price of gas reaches the price of oil, then the investment that are on the books, $90 billion of other people's investment will disappear. that would be a tragedy in terms of job creation for this country. i don't think we should let that happen. liz: you cannot please all the people all the time, andrew. m exporting this research help the u.s. economy and help your
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customers in a better position to buy more of what you make? >> i would say to you, that is not a dow chemical conversation. that is a conversation for the country. if that does not get the right structure in this country, we will go to countries where we can and we do. liz: if they got approval, would you pull that texas investment. >> we can see exports coming out of this country off to a certain amount without affecting the price. one terminal does not create and export sector.
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liz: last time we talked at the london olympics, you were concerned. how does your business look in those areas today? >> we are one of the first to feel it rebound. china is starting to come back. on the other side of china, we should start to see good rebound. that is the premise. here we are in the united states with one of the best economies in the world getting better and the potential to take them off the rails with the fiscal cliff conversation. liz: more than 200 companies have moved up their dividend of dave. do you have plans to speed up your favorites before the end of the year, andrew?
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>> we have a very healthy dividend payment. we have what we consider a long-term approach. the short answer is, we are looking at all options. it is doubtful we will do anything. liz: are you in the cheering for you think it will not be as bad if they do not strike a deal? >> there is no business leader out there that is not in the camp of saying if this does not get done, this will be a very negative affect on the u.s. economy. we are in the camp, all of us, working hard to bring that point to both sides of the aisle. i believe that they are hearing that very loudly from many of us in the business community. the hammering out and the public
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domain is one thing. what happens in private settings, we are very hopeful that the wind when will be found and that all options are on the table. liz: andrew liveris. cheryl: i want to point out a couple things that are going on right now. apple is having the worst week. it has lost about 9% of its value for the week. some selling it because of the dividend concerns of the fiscal cliff at the end of the year. investors concerned. a lot of pressure on apple. apple is in they bearish territory. we will be right back with more. ♪ ♪
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cheryl: here is your fox business market check. the dow holding onto positive gains for the week. let's look at some of this week's winners on the s&p. first off, western digital. the company got a boost after accelerating its dividend for shareholders ahead of the fiscal cliff. shares of generous financial getting a boost today. the former freddie mac ceo is joining the board there. that stock is $0.20 higher. seagate technology. this stock up more than 13% for the week. it broke above its moving average. steve cullen, is he being punished for his success. illegal insider trading ran rampant inside his giant hedge
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fund. charlie gasparino has the latest. charlie: let me get you and amazing statistic. they returned 25.5% after expenses since 1996. warren buffett, berkshire hathaway, 8.64%. steve cohen does it with a lot of volatility. that is why i am telling you the feds are after him. here is what i know about this investigation. what sources are telling us. they believe you cannot get that type of consistent success, the notion that every year, basically, posting game, posting gains within not massive volatility. 50%. cheryl: you are very clever and breaking the law.
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charlie: they do not believe you can do that without insider trading. this is a mindset that pervades each one of these of the sec enforcement chief to the fbi people working on the cases to the justice department. they match up returns of these various guys. they say look at roche, look at how he did this and look at steve cohen. they believe it is just mathematically impossible to beat the markets every year. since the inception, steve cohen has had one down year. that was 2008. he lost 19%. steve cohen when all cash. that was the year of the financial crisis. when these all the stuff coming, he probably just sold a lot of it. he saw it early.
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there were only a few people that's all it as early as he did. he probably took losses on his position. that is why he lost a lot of money. he has not lost since. he is up 10% this year. he believes that it cannot be ran like this. again, my view is and it has always been he kind of insulates i really do not believe that matthew mark, was the fund manager involved, he allegedly had insider information from an expert network that was involved with drugs. that person worked at the drug company. he knew that they were watching him. we were the first to report that they vowed his phone. you know, i do not think he is saying give me inside
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information. the conversation would have went differently, obviously. i do believe they will close down the fund. obviously, there is a draft there. enforcement believes there is enough evidence to bring charges against the fund. the notice that the way they announced the whales notice, it could be one of a million things. we do know it is against the firm. they will try to get him on this is the wild west of the investing. they will try to close them down. close them down from a standpoint of investor money. we should also point out i think the fund is 14 billion. about half of that is his money. then there is some employee money and then there is outside investors on top of that. steve cohen can invest to his
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heart's desire. he can invest all he wants, it is just that he will be a registered investment advisor. cheryl: thank you. it will be fascinating to see how far they get or do not get with steve cohen. charlie, thank you very much. "the closing bell" will ring in 29 minutes. it could be the worst month for ipos in ten years. paralyzed by the fiscal cliff. when will deals start to flow? that is coming up next in a fox business exclusive. ♪
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did consumer debt climbed to an all-time high in october. the federal reserve said todd total barley rose to $2.8 trillion. u.s. airways last month reportedly had a merger proposal for american airlines and its creditors. the wall street journal report an all stock deal. 70% would go to american creditors and the remaining u.s. airways. if all goes well the combined airline would be valued at nearly $8 billion. even high-profile titles could not stop the consul video-game sales slump in november. overall sales were down 11% from the same time a year ago. a number of publishers released blockbuster titles the head of the holidays including new installments in the call of duty, a low and assassins creed
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franchises. now we continue count down to the closing bell with cheryl casone. cheryl: 125 companies have gone public this year up 10% from last year. why does december look so gloomy in terms of ipos? let's bring in kathy smith of renaissance capital. you analyze the ipo market. why is there such a lack of ikeas in the month of december over ten year span? what is going on now that wasn't happening last year? >> we are in a state of market paralysis relative to the fiscal cliff. companies are demobilized and investors are when it comes to put in new money to work. is a temporary phenomenon but we are seeing the lowest december we've seen in a long time. cheryl: looking at the years on our screen, 2008 there was nothing but that was the center of the financial crisis.
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what do we do from here? you have expectations for 200013? it makes sense companies are nervous about the public market but the markets have not been receptive to many big names. >> we are more optimistic about 2013 mainly because among the drought of ipos in the meanwhile the ones that have come are starting to perform well. that didn't happen until last several months and the returns on ipos, we run a mutual-fund, global ipo fund and we also calculate indices called the ftse renaissance ipo indices. funds and the indices' are up very well and has momentum toward the end of this year's so we will see better returns. what will happen is those returns will get investor interest and we expect to see that in 2013. cheryl: we talk about the sharing audios in 2012 and think about facebook which was trading
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below its ipo price that at the same time a lot of withdrawal this year in the ipo market with 437 companies file 178 -- pulled out and change their mind. >> not only withdrawal but a third of the ideas are trading below their ipo price so even though the returns are good it has been a minefield and very important to research ideas for institutional investors and researching these is important. you can't just buy any ipo, it is a minefield. liz: if you were one of those i feel investors in 2012 whether it is facebook or another name you are trailing the market and the s&p. that is frustrating for a lot of people. >> it is frustrating which is why we need to see the momentum we are starting to see in returns and we will see a better issuance at levels that will come in 2013. cheryl: we have 2 and i feels in range expected next year. >> we see 200 in the pipeline. it is down from a year ago.
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companies are affected again by the economy. for the first time we're seeing a decline in the ipo price line. cheryl: any names that might buck the trend? >> lot of companies and coming in, pfizer will spin off the health-care unit. there is a lot of shareholder value by big companies, gm is looking at spinning off the i lie -- allied business and consumer finance business. there are a long list of companies, some very interesting for 2013. cheryl: some details coming up on want to ask about particularly solar city is one of the more fascinating ones coming out. solar panels installers, not a makers fell in a lot of analysts are looking at that one. these are five deals left in the last couple weeks we have going on. audio oncology, ppg energy, silver bay realty. five names. which one sticks out to you? >> one of those five price and traded the day up 30%, that is
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western gas so we're left with four. we think the solar city deal with controversial. not just an installer but a finance company. difficult to understand and evaluate the risk of this company. we would say it is high risk deal. we would be focusing more on the energy deals and refiner in the pipeline. that is a company called pbs. they own refineries. a good segment. they pay dividend yields. we highlight that in the silver city which is. cheryl: energy and realty but not closely. very interesting what you are saying. look at wireless. >> an interesting one. we thought highly of the company, many investors did. in place of ipo on top of a range traded down 18%. it was an ipo disaster. today is trading 15% above the ipo price. what a turnaround.
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investors are coming back to look at these growth companies. that disaster of the deal turned out not to be such a disaster. cheryl: when i save facebook t d c disaster of the deal? >> near-term yes but long-term an interesting company. the stock dropped 50% off of the ipo price to a bottom of 1750 a share. it is almost $20 a share. if you bought the stock in october you would have a nice gain. cheryl: using facebook is one of the things that turn off investors? several ibms we have spoken about, performances have been negative. what does that say about the appetite? >> no doubt about facebook being one of those the cause the state of paralysis. the ridge we did things in 2012, we facebook caused the ipo market to close down for a month and we are at the fiscal cliff which is closing the market again. most of us didn't think this year should have been a stronger year that it turned out to be so
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facebook was a big disappointment and the trading of these ideas was challenging and we think that is something the market has to deal with. cheryl: mike was 12 years ago. kathy smith, thank you very much. i do want to show you something happening in the markets as the dow, we are sitting actually at session highs. we are pushing session highs. futures have a negative open with the jobs report and the story changed. closing bell is going to ring in 17 minutes. of head of the fiscal cliff, investors looking for a short thing. after the break, going to be back with stocks that might be the right fit for you. calls them sexy, not sexy. sexy and save. we will ask when she comes back.
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cheryl: nicole petallides give us one of the best of the performers and now for one of the worst we go back to nicole petallides. >> we are looking at a name under significant pressure and that is the retailer big lots, down 5.5%. i didn't make it -- big loss, look at how is trading but a big loser today and that is because the chief executive officer, is under scrutiny from the sec for selling shares $10 million worth that of reports that negative so that does not bode well.
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big lots is standing by and told the newspaper and wall street journal the trades were properly made and the sec had not been in contact, a little he said she said. that is something we're looking at. want to take a look at the dow jones industrials which are up 71 points, hovering around session highs, three weeks of gains, an exciting day on wall street. pretty strong. is impressive. cheryl: we will see you in a few minutes. and positive outlook for the u.s. in 2013 but at the moment, play it save that of the cliff, you have four save plays. i will say this is sexy. i am changing this for you. let's go for save and sexy. >> let's go with a name you like. water and technical products, the key is water. >> the key is the transformation in the company where they are moving from the lower value
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pumped area to treatments and high technology. it is a scarce commodity, a growth industry, they are one of the dominant players, earnings growth probably from 310 to 330 up $5 in 2015 and the share repurchase program of good value. cheryl: a decent sized company with a global footprint. you say this about commons. the diesel engine player. emerging-market play. >> has something for everyone. first of all they are a leader in engine technology. the issue is the emissions control and there a leader in emissions control. diesel engines continue to have to succumb to all of the mission control's. they are a leader in that and a global growth play. if the economy, the global economy accelerates, typically you see trucking as one of the year the leaders and one of the
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emerging markets play. and a couple other things, the stock is cheap, ten times turning down 25% from its high and on a price to book basis also attractive. cheryl: and health-care. very popular with an aging population. they don't want to go to a nursing home but stay in their home. >> this is a company that has been around since 1970. one of the oldest and biggest and quite diversified. great balance sheets allows them to make acquisitions. recent acquisition move their business to 85% private pay. that is huge. 4.8%, 4.9% dividend, looking for cash flow. this is a company that will be consistent. cheryl: a name you know very well, adp. >> it is all about stocks. we get some modest pickup in jobs, adp will be a beneficiary. incredible balance sheet. we have to think of that as
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well. load that wells and high levels of cash and this is the consistent dividend player paying a dividend since 1974. thirty-seven consecutive quarters of increasing their dividends at a 3% yield. cheryl: it seems you are making some global plays. do you think that the u.s. will be leading the global recovery or do you think you will be the other way around? >> i think the u.s. leads the global recovery in 2013. second supporting role is china which will accelerate but when we think about stock picks for 2013 stock picks are probably looked to be more global. this has been a year of domestic plays, a consumer discretionary and many have been good performers this year. i think 2013 we get a shift and go back to those global plays, industrial and materials might be early for that but those will be the areas of opportunity next year. cheryl: check out the
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multinationals, great to have you here. thank you very much. president of it closing bell is going to ring in seven minutes. one stock is hitting a new 50 week high. the company's latest move, after the break we will tell you. we will be right back. bla [ male announcer ] this is steve.
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he loves risk. but whether he's climbing everest, scuba divinghe great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. cheryl: stock shares, gee, way up today as the company makes another step toward converting itself into a real-estate investment trust by shedding its health care assets investors always likely to make that
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conversion much better for the dividend, really investors taking this news up today and the 1-year charge, look at this, shares of gee up 75% over the past year and a 9% pop on this stock. i want to show you the stocks that making nice moves, hitting new highs. they really love it. i am out of time. i have been auntie be enough today. i have david asman and lauren simonetti. dave: thank you very much. she is my [talking over each other] [talking over each other] dave: from the southwest. a guy from the northeast once it low. >> it is so hot lately. [talking over each other] dave: good to have you here. we see a nice day for you to come in here. about 68 points trading up as we head to the end of the trading day and the trading week.
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let's go to nicole petallides at the new york stock exchange. we are going to talk about apple and a wish it wasn't bad news. i hold some apples why one of those that is suffering. it may be down almost 3% today again. nicole: a lot of folks watching old apple because of a lot of mutual-fund, that is absolutely right. it came under pressure down 2% and $700 obviously but it traded as low as $5.18 and the fact that it is close to where it is is a good sign. >> netflix rising despite getting into hot water with the sec over a facebook post. nicole: that is interesting -pbecause the ceo is coming out saying they gave this information over facebook about how many hours people were watching and viewing netflix, but in the end don't worry about it because netflix is holding tough and people are buying them. dave: a lot of people looking at goal, a lot of people looking at copper, freeportea